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State and local government tax revenues dropped steeply following the most severe housing market contraction since the Great Depression. The authors identify five main channels through which the housing market affects state and local tax revenues: property tax revenues, transfer tax revenues, sales tax revenues, and personal income tax revenues. They find that property tax revenues do not tend to decrease following house price declines. The other four channels have had a relatively modest effect on state tax revenues. These channels jointly reduced tax revenues by $15 billion from 2005 to 2009, which is about 2% of total state own-source revenues in 2005. Charts and tables. This is a print on demand publication.
Book Synopsis Housing Crisis and State and Local Government Tax Revenue by : Byron Lutz
Download or read book Housing Crisis and State and Local Government Tax Revenue written by Byron Lutz and published by DIANE Publishing. This book was released on 2011-05 with total page 51 pages. Available in PDF, EPUB and Kindle. Book excerpt: State and local government tax revenues dropped steeply following the most severe housing market contraction since the Great Depression. The authors identify five main channels through which the housing market affects state and local tax revenues: property tax revenues, transfer tax revenues, sales tax revenues, and personal income tax revenues. They find that property tax revenues do not tend to decrease following house price declines. The other four channels have had a relatively modest effect on state tax revenues. These channels jointly reduced tax revenues by $15 billion from 2005 to 2009, which is about 2% of total state own-source revenues in 2005. Charts and tables. This is a print on demand publication.
State and local government tax revenues dropped steeply following the most severe housing market contraction since the Great Depression. We identify five main channels through which the housing market affects state and local tax revenues: property tax revenues, transfer tax revenues, sales tax revenues (including a direct effect through construction materials and an indirect effect through the link between housing wealth and consumption), and personal income tax revenues. We find that property tax revenues do not tend to decrease following house price declines. We conclude that the resilience of property tax receipts is due to significant lags between market values and assessed values of housing and the tendency of policy makers to offset declines in the tax base with higher tax rates. The other four channels have had a relatively modest effect on state tax revenues. We calculate that these channels jointly reduced tax revenues by $15 billion from 2005 to 2009, which is about 2 percent of total state own-source revenues in 2005. We conclude that the recent contraction in state and local tax revenues has been driven primarily by the general economic recession, rather than the housing market per-se.
Book Synopsis The Housing Crisis and State and Local Government Tax Revenue by : Byron F. Lutz
Download or read book The Housing Crisis and State and Local Government Tax Revenue written by Byron F. Lutz and published by . This book was released on 2015 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: State and local government tax revenues dropped steeply following the most severe housing market contraction since the Great Depression. We identify five main channels through which the housing market affects state and local tax revenues: property tax revenues, transfer tax revenues, sales tax revenues (including a direct effect through construction materials and an indirect effect through the link between housing wealth and consumption), and personal income tax revenues. We find that property tax revenues do not tend to decrease following house price declines. We conclude that the resilience of property tax receipts is due to significant lags between market values and assessed values of housing and the tendency of policy makers to offset declines in the tax base with higher tax rates. The other four channels have had a relatively modest effect on state tax revenues. We calculate that these channels jointly reduced tax revenues by $15 billion from 2005 to 2009, which is about 2 percent of total state own-source revenues in 2005. We conclude that the recent contraction in state and local tax revenues has been driven primarily by the general economic recession, rather than the housing market per-se.
So many things have gone wrong with our housing market that it is hard to know where to start. One simple diagnosis is that we invested too much in houses that were not worth as much as we thought. Looked at in this way, it is relatively easy to see how innovations like interest-only loans contributed to an over-valuation of housing. Certain actions of the federal government were and are also clearly problematic, such as the longstanding tax breaks for home ownership. This article looks at state and local government law, and particularly at financing mechanisms created by state law and used by local governments to subsidize new development. In essence, local governments issued bonds to build key infrastructure for new developments, and interest on those bonds were exempt from state and federal income taxes. This article maintains that these mechanisms served as yet another subsidy to the very same kinds of value-destroying housing developments that were already being over-encouraged in other ways. Just as the current crisis has rightly led policymakers to reconsider government actions at the federal level, this crisis should also lead to a similar reevaluation of state and local government law, particularly as it intersects with the federal tax exemption for state and local bonds. However, there is an ideological obstacle to this straightforward solution. Making money available for sprawl-pattern development has been perceived as a market-friendly solution; directing money to infill development is perceived as heavy-handed interventionism. And, because of these perceptions, some very modest reforms to the current system have already been defeated. These perceptions arise from the central normative justification for the current local government landscape. This justification is economic and consists of the argument that competition among a multitude of local government entities is efficient. This vision of jurisdictional competition is generally known as the Tiebout model. This article makes a series of specific contributions to this rethinking. First, despite arguments by proponents of the Tiebout model to the contrary, it is demonstrated that a full-blown Tiebout model does not release governments at various levels, nor citizens, from making political choices about a just (versus merely efficient) distribution of resources. This is primarily because the legal background rules that set the terms of the competition also select for different equally efficient sets of jurisdictions. From this result it follows that these legal background rules ought to be interrogated as making political choices. A particular type of rule is described in this article as a "bundling rule." A bundling rule operates, for instance, by making a certain method of financing schools readily available only to new subdivisions, thus bundling new schools with new development. By opting to make such a method available, state governments are in effect choosing to encourage certain patterns of development. Once this is realized, then there should be no barrier standing in the way of scrapping bundling rules that encourage sprawl.
Book Synopsis Above All Else Stop Digging by : Darien Shanske
Download or read book Above All Else Stop Digging written by Darien Shanske and published by . This book was released on 2015 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: So many things have gone wrong with our housing market that it is hard to know where to start. One simple diagnosis is that we invested too much in houses that were not worth as much as we thought. Looked at in this way, it is relatively easy to see how innovations like interest-only loans contributed to an over-valuation of housing. Certain actions of the federal government were and are also clearly problematic, such as the longstanding tax breaks for home ownership. This article looks at state and local government law, and particularly at financing mechanisms created by state law and used by local governments to subsidize new development. In essence, local governments issued bonds to build key infrastructure for new developments, and interest on those bonds were exempt from state and federal income taxes. This article maintains that these mechanisms served as yet another subsidy to the very same kinds of value-destroying housing developments that were already being over-encouraged in other ways. Just as the current crisis has rightly led policymakers to reconsider government actions at the federal level, this crisis should also lead to a similar reevaluation of state and local government law, particularly as it intersects with the federal tax exemption for state and local bonds. However, there is an ideological obstacle to this straightforward solution. Making money available for sprawl-pattern development has been perceived as a market-friendly solution; directing money to infill development is perceived as heavy-handed interventionism. And, because of these perceptions, some very modest reforms to the current system have already been defeated. These perceptions arise from the central normative justification for the current local government landscape. This justification is economic and consists of the argument that competition among a multitude of local government entities is efficient. This vision of jurisdictional competition is generally known as the Tiebout model. This article makes a series of specific contributions to this rethinking. First, despite arguments by proponents of the Tiebout model to the contrary, it is demonstrated that a full-blown Tiebout model does not release governments at various levels, nor citizens, from making political choices about a just (versus merely efficient) distribution of resources. This is primarily because the legal background rules that set the terms of the competition also select for different equally efficient sets of jurisdictions. From this result it follows that these legal background rules ought to be interrogated as making political choices. A particular type of rule is described in this article as a "bundling rule." A bundling rule operates, for instance, by making a certain method of financing schools readily available only to new subdivisions, thus bundling new schools with new development. By opting to make such a method available, state governments are in effect choosing to encourage certain patterns of development. Once this is realized, then there should be no barrier standing in the way of scrapping bundling rules that encourage sprawl.
Many American central cities are still recovering from sharp declines in revenues resulting from the Great Recession and from a collapse in housing prices and an unprecedented surge in mortgage foreclosures. In this paper, we analyze the impact of the housing crisis on the finances of cities. To link city finances to housing conditions, we draw on a specially created data base that takes account of the revenues and spending of all the local governments that provide services to city residents. Our statistical analysis suggests that the housing price declines and rising foreclosure rates can explain much of the decline in property taxes from 2009 to 2014. The reductions in per capita property tax revenues were reinforced by declining income and reductions in state aid in most cities. The typical city fiscal response to the Great Recession and the housing bust was to implement substantial reductions in spending, with the largest cuts occurring in capital outlays and in operating expenditures for elementary and secondary education.
Book Synopsis The Effect of the Housing Crisis on the Finances of Central Cities by : Howard Chernick
Download or read book The Effect of the Housing Crisis on the Finances of Central Cities written by Howard Chernick and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Many American central cities are still recovering from sharp declines in revenues resulting from the Great Recession and from a collapse in housing prices and an unprecedented surge in mortgage foreclosures. In this paper, we analyze the impact of the housing crisis on the finances of cities. To link city finances to housing conditions, we draw on a specially created data base that takes account of the revenues and spending of all the local governments that provide services to city residents. Our statistical analysis suggests that the housing price declines and rising foreclosure rates can explain much of the decline in property taxes from 2009 to 2014. The reductions in per capita property tax revenues were reinforced by declining income and reductions in state aid in most cities. The typical city fiscal response to the Great Recession and the housing bust was to implement substantial reductions in spending, with the largest cuts occurring in capital outlays and in operating expenditures for elementary and secondary education.
Book Synopsis Impact of the Property Tax by : Dick Netzer
Download or read book Impact of the Property Tax written by Dick Netzer and published by . This book was released on 1968 with total page 70 pages. Available in PDF, EPUB and Kindle. Book excerpt:
State and local government fiscal systems have increasingly become vulnerable to economic changes. Over the past three decades, state and local deficits during economic recession have been larger and deeper each time. The impact of the Great Recession and its aftermath of feeble growth and lingering high unemployment has been dramatic both in scope and intensity. Before the crisis, long-term structural deficits were persistent for both individual governments and the entire sector as spending plans and patterns outpaced governments' revenue-generating capacity. The revenue systems of these governments eroded while the workloads and scope on the expenditure side of the state and local system budget continued to grow. This handbook evaluates the persistent problems in the fiscal systems of state and local governments and what can be done to solve them. It contains 35 chapters authored by 60 practitioners and academics who are renowned scholars in state and local finance. Each chapter provides a description of the discipline area, examines major developments in policy, practices and research, and opines on future prospects. The chapters are divided into four sections. Section I is a systematic discussion of the institutional, economic, and political framework that provides a background for understanding the structure and financial performance of the state and local sector. The chapters in Section II provide an overview of the various components of state and local revenue systems and how they reacted to the Great Recession. They analyze the diverse forms of taxes and charges in detail, prescribe remedies and alternatives, and examine the implications for future revenue performance. Chapters in Section III turn to spending, borrowing and financial management in the state and local sector. The focus is on the big six service delivery sectors: education, health care, human services, transportation, pensions, and housing. Section IV is a set of chapters that look ahead and speculate about how the state and local government sector's money-raising, spending, and service delivery structures will adjust to the new circumstances.
Book Synopsis The Oxford Handbook of State and Local Government Finance by : Robert D. Ebel
Download or read book The Oxford Handbook of State and Local Government Finance written by Robert D. Ebel and published by Oxford University Press. This book was released on 2012-03-21 with total page 1057 pages. Available in PDF, EPUB and Kindle. Book excerpt: State and local government fiscal systems have increasingly become vulnerable to economic changes. Over the past three decades, state and local deficits during economic recession have been larger and deeper each time. The impact of the Great Recession and its aftermath of feeble growth and lingering high unemployment has been dramatic both in scope and intensity. Before the crisis, long-term structural deficits were persistent for both individual governments and the entire sector as spending plans and patterns outpaced governments' revenue-generating capacity. The revenue systems of these governments eroded while the workloads and scope on the expenditure side of the state and local system budget continued to grow. This handbook evaluates the persistent problems in the fiscal systems of state and local governments and what can be done to solve them. It contains 35 chapters authored by 60 practitioners and academics who are renowned scholars in state and local finance. Each chapter provides a description of the discipline area, examines major developments in policy, practices and research, and opines on future prospects. The chapters are divided into four sections. Section I is a systematic discussion of the institutional, economic, and political framework that provides a background for understanding the structure and financial performance of the state and local sector. The chapters in Section II provide an overview of the various components of state and local revenue systems and how they reacted to the Great Recession. They analyze the diverse forms of taxes and charges in detail, prescribe remedies and alternatives, and examine the implications for future revenue performance. Chapters in Section III turn to spending, borrowing and financial management in the state and local sector. The focus is on the big six service delivery sectors: education, health care, human services, transportation, pensions, and housing. Section IV is a set of chapters that look ahead and speculate about how the state and local government sector's money-raising, spending, and service delivery structures will adjust to the new circumstances.
Book Synopsis Impact of the Property Tax by : Dick Netzer
Download or read book Impact of the Property Tax written by Dick Netzer and published by . This book was released on 1968 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Housing Shortage and the Necessity for Exempting from Income Taxes the Return from Real Estate Mortgages by : Merchants' Association of New York. Special Committee on Housing
Download or read book The Housing Shortage and the Necessity for Exempting from Income Taxes the Return from Real Estate Mortgages written by Merchants' Association of New York. Special Committee on Housing and published by . This book was released on 1920 with total page 18 pages. Available in PDF, EPUB and Kindle. Book excerpt:
This report shows what local governments can do to mitigate the rising cost of rental housing. It considers the root causes of high rent burdens, reviews evidence about the consequences, and lays out a framework that cities, towns, and counties can use to help provide all their citizens with safe, decent, affordable housing options.
Book Synopsis Through the Roof by : Ingrid Gould Ellen
Download or read book Through the Roof written by Ingrid Gould Ellen and published by . This book was released on 2021-03-15 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report shows what local governments can do to mitigate the rising cost of rental housing. It considers the root causes of high rent burdens, reviews evidence about the consequences, and lays out a framework that cities, towns, and counties can use to help provide all their citizens with safe, decent, affordable housing options.
Contributions analyzing the performance of state governments in meeting urban needs, discussing alternative policies of direct City-Federal relations.
Book Synopsis The States and the Urban Crisis by : American Assembly
Download or read book The States and the Urban Crisis written by American Assembly and published by Englewood Cliffs, N.J. : Prentice-Hall. This book was released on 1970 with total page 232 pages. Available in PDF, EPUB and Kindle. Book excerpt: Contributions analyzing the performance of state governments in meeting urban needs, discussing alternative policies of direct City-Federal relations.
